On February 13, 2023, the Department of Treasury (the “Treasury”), along with the Internal Revenue Service (the “Service”) and the Department of Energy (the “DOE”), issued Notice 2023-18 (the “Notice”), establishing a program under section 48C(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), to allocate $10 billion of tax credits for qualifying investments in eligible advanced energy projects (the “Advanced Energy Project Credit”).
When George W. Bush signed the Energy Policy Act of 2005 and the Energy Independence and Security Act of 2007, ethanol was hardly a household name, even though it had been used as a fuel since the early 1800s.
On August 12, 2022 – a little over two weeks after the legislation was announced and five days after it passed the Senate – the House passed the historic Inflation Reduction Act of 2022 (the “Act”).
On July 27, 2022, only a few hours after the Senate approved a bipartisan semiconductor and technology package, Senator Manchin made a stunning and well-timed reversal of his prior position and confirmed his support for various climate and energy programs. Senate Democrats (led by Senators Manchin and Schumer) quickly made legislative text available and submitted it to the Senate Parliamentarian for review.
The Environmental Protection Agency (“EPA”) has recently finalized volumes for compliance years 2020, 2021, and 2022 under the Clean Air Act (“CAA”)’s renewable fuel standard (“RFS”) program and took several other related regulatory actions.
The world is embarking on what may be one of the greatest transformations since the Industrial Revolution. Over the next three
decades, countries and companies could spend tens of trillions of dollars to build a low carbon global economy.
On December 7, 2021, the U.S. Environmental Protection Agency (“EPA”) proposed the long-awaited and much anticipated renewable fuel targets for 2020, 2021, and 2022 under the federal Clean Air Act’s (“CAA”) Renewable Fuel Standard (“RFS”) (the “Proposed Rule”).
In June 2021, the United States (“U.S.”) became the chair of the Biofuture Platform Initiative, an initiative of the Clean Energy Ministerial (the “Biofuture Platform”) for a two-year term, taking over the chair position from Brazil, which led the formation of the Biofuture Platform in 2016.
In its June 25, 2021 decision in HollyFrontier Cheyenne Refining, LLC v. Renewable Fuels Association, the Supreme Court rejected the central holding of a January 2020 decision by the U.S. Court of Appeals for the Tenth Circuit that would have rendered almost all small refineries categorically ineligible for an exemption under the federal Renewable Fuels Standard program (RFS).